HUMANA INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HUMANA INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	54,379	53,767	56,912	64,888	77,155	83,064	92,870	106,374	117,761	129,664
Selling, general and administrative	7,173	6,567	7,525	7,381	10,052	10,121	12,671	13,188	13,696	15,450
Operating income	1,741	4,262	3,100	3,192	4,986	3,148	3,800	4,013	2,562	2,704
Interest expense	189	242	218	242	283	326	401	493	660	631
Interest income	389	405	514	501	1,154	187	382	1,069	1,226	1,006
Other non-operating income	0	0	-33	506	-103	532	-68	-137	-181	-451
Pre-tax income	1,552	4,020	2,074	3,470	4,674	3,419	3,564	3,325	1,620	1,438
Income tax	938	1,572	391	763	1,307	485	762	836	413	250
Net income to minority interests				0	0	1	-4	-5	7	15
Net income	614	2,448	1,683	2,707	3,367	2,933	2,806	2,489	1,207	1,188
EBITDA	2,129	4,672	3,544	3,697	5,514	3,744	4,509	4,792	3,401	3,402
EPS, basic	4.11	16.94	12.24	20.20	25.47	22.79	22.20	20.09	10.01	9.87
EPS, diluted	4.07	16.81	12.16	20.10	25.31	22.67	22.08	20.00	9.98	9.84
Shares, basic (weighted)	149	144	137	134	132	129	126	124	121	120
Shares, diluted (weighted)	151	146	138	135	133	129	127	124	121	121
Dividend per share	1.16	1.49	1.90	2.15	2.43	2.73	3.06	3.44	3.54	3.54

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3,877	4,042	2,343	4,054	4,673	3,394	5,061	4,694	2,221	4,200
Short-term investments	7,595	9,557	10,026	10,972	12,554	13,192	13,881	16,626	18,214	15,703
Receivables	1,280	854	1,015	1,056	1,138	1,814	1,674	2,035	2,704	3,270
Other current assets	3,438	2,949	3,564	3,806	5,276	6,493	5,567	6,631	6,676	9,560
Total current assets	16,190	17,402	16,948	19,888	23,641	24,893	26,183	29,986	29,815	32,733
Property, plant and equipment	1,505	1,584	1,735	1,955	2,371	3,073	3,221	3,030	2,532	2,231
Lease right-of-use assets				410	437	678	515	510	445	485
Goodwill	3,272	3,281	3,897	3,928	4,447	11,092	9,142	9,550	9,631	9,686
Intangible assets	280	226	245	177	329	2,639	1,765	1,693	1,443	1,128
Long-term investments	2,203	2,745	411	406	1,212	780	380	382	421	493
Other non-current assets	2,226	2,166	1,375	1,834	2,128	4,379	3,380	3,377	3,383	3,128
Total assets	25,396	27,178	25,413	29,074	34,969	44,358	43,055	47,065	46,479	48,909
Accounts payable	2,467	4,069	3,067	3,754	4,013	4,509	5,238	6,569	5,259	5,717
Deferred revenue	280	378	283	247	318	254	286	266	260	356
Short-term debt	300	150	1,694	699	600	1,953	2,092	1,443	577	0
Total current liabilities	7,822	9,406	10,077	10,929	13,394	15,331	17,178	18,872	16,939	16,346
Long-term debt	3,792	4,770	4,375	4,967	6,060	10,541	9,034	10,213	11,144	12,369
Lease liabilities				332	355	546	456	444	392	418
Other non-current liabilities	263	237	581	1,141	1,787	2,383	1,473	1,662	1,951	2,457
Total liabilities	14,711	17,336	15,252	17,037	21,241	28,255	27,685	30,747	30,034	31,172
Total debt	3,792	4,770	4,375	4,967	6,060	10,541	9,034	10,213	11,144	12,369
Paid-in capital	2,562	2,445	2,535	2,820	2,705	3,082	3,246	3,346	3,463	3,600
Retained earnings	11,454	13,670	15,072	17,483	20,517	23,086	25,492	27,540	28,317	29,075
Treasury stock	-3,298	-6,325	-7,320	-8,455	-9,918	-10,163	-12,156	-13,658	-14,371	-14,418
Other comprehensive income	-66	19	-159	156	391	42	-1,304	-999	-1,067	-633
Shareholders' equity	10,685	9,842	10,161	12,037	13,728	16,080	15,311	16,262	16,375	17,657
Minority interests					0	23	59	56	70	80
Total equity	10,685	9,842	10,161	12,037	13,728	16,103	15,370	16,318	16,445	17,737
Total liabilities and equity	25,396	27,178	25,413	29,074	34,969	44,358	43,055	47,065	46,479	48,909

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	614	2,448	1,683	2,707	3,367	2,934	2,802	2,484	1,214	1,203
Depreciation and amortization	388	410	444	505	528	596	709	779	839	698
Stock-based compensation	115	157	137	163	181	180	216	175	207	241
Deferred income tax	-71	132	194	162	195	15	-100	-164	-192	75
Change in receivables	-158	426	-164	-32	-85	-280	-54	-337	-669	-570
Cash from operations	1,936	4,051	2,173	5,284	5,639	2,262	4,587	3,981	2,966	921
Capital expenditures	-527	-524	-612	-736	-964	-1,342	-1,137	-1,004	-575	-546
Acquisitions	-7	-31	-354	0	-709	-4,187	-337	-233	-89	-81
Purchases of investments	-6,566	-6,265	-4,687	-6,361	-9,125	-7,197	-6,049	-7,552	-8,185	-6,440
Sales and maturities of investments	1,426	1,111	972	1,733	4,986	2,597	1,365	1,292	2,982	2,912
Cash from investing	-1,362	-2,941	-3,087	-1,278	-3,065	-6,556	-1,006	-3,492	-2,952	2,273
Debt issued	0	1,779	0	987	1,088	2,984	1,982	2,544	2,232	1,481
Debt repaid	0	-800	0	-400	-400	0	-1,000	-1,832	-1,107	-948
Stock issued	14	63	50	58	61	30	51	9	0.3	0
Share buybacks	-104	-3,365	-1,090	-1,070	-1,820	-79	-2,096	-1,573	-817	-151
Dividends paid	-177	-220	-265	-291	-323	-90	-98	-431	-431	-430
Cash from financing	732	-945	-785	-2,295	-1,955	3,015	-1,914	-856	-2,487	-1,215
Net change in cash	1,306	165	-1,699	1,711	619	-1,279	1,667	-367	-2,473	1,979
Free cash flow	1,409	3,527	1,561	4,548	4,675	920	3,450	2,977	2,391	375
Interest paid	185	216	195	212	258	285	354	394	584	628
Income taxes paid	916	1,498	631	518	1,132	227	758	997	570

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $397.93 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	1.8%	Operating income / revenue.
EBITDA margin	2.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.1%	Pre-tax income / revenue.
Net margin	0.8%	Net income / revenue.
FCF margin	0.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	1.3%	Cash from operations / revenue.
Effective tax rate	16.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.0%	Net income / average total assets.
Return on invested capital (ROIC)	7.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	11.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	0.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	5.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-10.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-11.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	0.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-9.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-9.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-1.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-24.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-18.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-1.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-23.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-17.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-68.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-41.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-30.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-84.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-52.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-39.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.77x	Current assets / current liabilities.
Quick ratio	1.26x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.66x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.2%	Total debt / total assets.
Liabilities / assets	66.3%	Total liabilities / total assets.
Net debt	-$9.69B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-3.10x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.68x	Operating income / interest expense.
Working capital	$16.57B	Current assets - current liabilities.
Goodwill and intangibles / assets	21.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$6.90B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.48x	Revenue / average total assets.
Fixed asset turnover	63.2x	Revenue / average property, plant and equipment.
Receivables turnover	26.3x	Revenue / average receivables.
Days sales outstanding	14 days	365 x average receivables / revenue.
FCF conversion	112.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	31.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.37	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1,137.00	Revenue / diluted weighted shares.
FCF per share	$10.54	Free cash flow / diluted weighted shares.
Operating cash flow per share	$15.28	Cash from operations / diluted weighted shares.
Book value per share	$154.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$57.21	Tangible book value / shares outstanding.
Cash per share	$182.05	(Cash + short-term investments) / shares outstanding.
Payout ratio	38.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	33.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	19.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$47.78B	Share price x shares outstanding.
Enterprise value	$38.09B	Market cap + total debt - cash - short-term investments.
P/E	42.3x	Market cap / net income. Only when net income is positive.
P/S	0.35x	Market cap / revenue.
P/B	2.57x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.92x	Market cap / tangible book value, when positive.
P/FCF	37.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	25.9x	Market cap / cash from operations, when positive.
EV/Sales	0.28x	Enterprise value / revenue.
EV/EBIT	15.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.7%	Free cash flow / market cap.
Earnings yield	2.4%	Net income / market cap (the inverse of P/E).
Dividend yield	0.9%	Dividends paid over the period / market cap.
Shareholder yield	1.4%	(Dividends paid + share buybacks) / market cap.

What was HUMANA INC's revenue in fiscal 2025?

HUMANA INC reported revenue of $129.66B for fiscal 2025, 10.1% higher than the year before.

Was HUMANA INC profitable in fiscal 2025?

Yes. Net income was $1.19B, a net margin of 0.9%.

How much free cash flow did HUMANA INC generate in fiscal 2025?

Cash from operations of $921.0M minus capital expenditures of $546.0M left free cash flow of $375.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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